Slough's October Property Market Update
The Slough Property market update – October edition
Over the last month there’s been some huge changes to the property market, possibly the biggest one being the changes to Stamp duty, the nil rate band that has now been moved from £125,000 to £250,000 meaning you don’t pay a penny on stamp duty up to the first £250,000 of the purchase price and first time buyers have an even bigger nil rate band of £425,000
Then we move on to mortgages, and towards the back end of last month we saw a huge amount of lenders withdrawing all of their mortgage products? And those who remained significantly increased their rates overnight in a kneejerk reaction to the pound hitting an all time low against the dollar! Thankfully since then the majority of these lenders have now reinstated their mortgage products.
Normally at this stage of the update I’d discuss best rates but as these are changing daily the best advice is to speak to an independent financial advisor who will be able to help find the best rate that suits your needs, if you need any help with this then please feel free to contact me and I can point you in the direction of some great advisors.
So, with all this change going on, what impact has this had on the Slough property market. Well house prices have continued to grow around the same rate as the previous month at 8.2% vs 8.3% so no real change in house price growth.
The biggest change in the market is the amount of properties that have had their price reduced, the UK average at the moment is 6%. This could be caused by the market changing but my personal feeling is that this is a direct reaction to agents over valuing in the summer holidays when stock levels where low.
I’m Andrew from Avocado Property Slough and if you’d like to discuss any of this in more detail or have a property to sell then please reach out and I’d be happy to help.